CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT

[SolarWind]

April 7, 2008















I know too. I wonder if everyone has heard the same thing.

[i_am_hydrogen]

Wonderful shots, SW.

[Steely Dan]

* many posts deleted *

in the interest of keeping some semblance of order in this thread i have deleted all of the mindless speculation posts from the past 2 days. if you can't wait until some official information is released, you need to find some other interests pronto........ might i suggest a good book......... or windsurfing

until then, back to what we know, not what we don't know we don't know

[Nowhereman1280]

^^^ How is saying "oh look they are at the right height and have changed the forms so they must be starting the transfer floor" mindless speculation?

So I will repeat my deleted post. They appear to have changed the forms and removed the forms on the main columns so they must be getting started on the two floors of transfer floors.

[BrownTown]

Originally Posted by Nowhereman1280

^^^ How is saying "oh look they are at the right height and have changed the forms so they must be starting the transfer floor" mindless speculation?

So I will repeat my deleted post. They appear to have changed the forms and removed the forms on the main columns so they must be getting started on the two floors of transfer floors.

From my understanding there were 1 or 2 more floors before that, I think what that means is that the transfer floor STARTS at the current height of those two columns, so tehre are still 2 more floors before the transfer floor.

[Haworthia]

Originally Posted by Nowhereman1280

^^^ How is saying "oh look they are at the right height and have changed the forms so they must be starting the transfer floor" mindless speculation?

So I will repeat my deleted post. They appear to have changed the forms and removed the forms on the main columns so they must be getting started on the two floors of transfer floors.

I think your post was the victim of friendly fire. I doubt SteelyDan did it on purpose.

So a question about the foot print of the condo section, how much smaller is it than the hotel part?

[wrab]

Solar, those pics are really great.

Originally Posted by SolarWind

April 7, 2008

This one is super great.

[BVictor1]

Originally Posted by Haworthia

I think your post was the victim of friendly fire. I doubt SteelyDan did it on purpose.

So a question about the foot print of the condo section, how much smaller is it than the hotel part?

Bout 1/2

[dagobert]

Given the earlier comotion with regards to Adjustable Forms Inc. and the "secret" I had visited Adjustable's website and they have a PDF presentation on some of their current projects, including Waterview Tower. In the PDF presentation:

http://www.adjustableforms.com/images/pdf/Projects/Waterview.pdf

they have included a number of photos that have been posted on this forum I think by BVictor, HarryC, and Solarwind. Are you guys aware of this fact?
For example Solarwind's photos:

[nomarandlee]

http://www.suntimes.com/business/roeder/884782,CST-FIN-roeder09.article

Trouble in Shangri-La REAL ESTATE | High-end hotel was set for Wacker tower hit by money crunch
April 9, 2008Recommend

DAVID ROEDER [email protected]

...........But progress on the building, marketed as Waterview Tower, has been excruciatingly slow. Sources said the the developer, Teng & Associates Inc., has been unable to secure about $320 million in construction financing and may be forced to stop work. With the shell of the lower floors in place, it's possible the structure will serve merely as a multilevel parking garage until the market for high-priced housing revives.

Five contractors have filed liens on the property since January. The most significant appears to be a claim by Thatcher Engineering Corp. for $207,000. One lien can indicate just a payment dispute; several indicates a project is in trouble and creditors are protecting their interests in case of a bankruptcy or property sale.

...........Sources said Teng has been trying to arrange financing through a German bank, WestLB AG. But the credit crisis has made bankers notably more conservative. "It's getting so you have to put up 30 percent to 40 percent equity," said Chicago developer Michael Reschke, who said third parties have solicited his interest in a stake in the Teng deal but that he's declined.

Hoepf said he wasn't aware of plans to stop construction on his building and referred questions to the project's manager at Teng, Sean McMahon. McMahon and Teng President Ivan Dvorak did not return calls made over several days....................

..

[F1 Tommy]

Well that explaines the cladding. It probably on a dock somewhere on the
west coast waiting for payment.

[BVictor1]

Now you all know.

[F1 Tommy]

All this means is Teng might have to give up its share. Im sure someone
would be interested in taking this property and finishing construction
if the price was low enough. Soon it will be time for bargain hunters with money. Teng could tie it up for a awhile. We will see.


The credit crunch is still going to get worse as California, Florida ect. and other very overpriced areas prices still need to correct more in my opinion. If they say upturn by late 2008 you can figure it will be more like mid to late
2009. It will get ugly.

[trvlr70]

Aw hell.....my biggest fear come true.

[chicubs111]

So there gonna stop construction at the end of the week?

[cbotnyse]

Is the 67% sold figure accurate? (posted earlier) If so, thats seems like more than enough to keep going, plus I would think the hotel portion can have a soft open like Trump did to generate revenue.

If this thing just stops, that would really suck.

[BrownTown]

Well this is the problem with all capital projects, if financing goes south then the whole thing can come crashing down. I work in the electric power industry, and the same thing happens with Billion dollar power plants, you can be half way done and then boom they stop right in the middle of construction for lack of financing. Oh well hopefully this gets worked out and is only a temporary delay. Also this still has me worried about the Chicago Spire, I just hope the financing issues with Waterview are an isolated thing and not going to spread.

[chi-arch]

I am one of the 67% and not to keen to rent my parking space while the rest of the tower gets built. Oh boy.......

[Alliance]

I think this is something absolutely disastrous for Chicago and puts a whole unprecedented level of doubt on every project proposed and U/C. Not that this project had a squeaky clean resume, but Chicago has lost a supertall here.

I hope to god it will at least be cladded and construction resumed in the very near future.

[F1 Tommy]

The other thing is if Teng does loose its share will they take the
hotel with??